UPDATE: Oppenheimer Raises PT on Panera Bread on Expected Range-Bound Cycle End

In a report published Wednesday, Oppenheimer analyst Brian Bittner reiterated an Outperform rating on Panera Bread Co.

, and raised the price target from $190.00 to $200.00. In the report, Bittner noted, “A range-bound stock for over a year, we believe the ‘buy' opportunity is now. We expect a breakout to $200 by year-end as Street projections increase and the market rolls valuation to '14 (we predict '14 EPS of $8.50-9.00, vs Street's $8.10). Stock has a favorable set-up owing to: 1) low traffic expectations, despite improving backdrop and a plethora of bottom-up drivers; 2) recent two-year sales trend suggests upside to 1Q13 comps; 3) margins appear conservatively modeled and falling wheat prices could add extra boost; and 4) accretive cash use remains a back pocket catalyst. Raising price target to $200 from $190.” Panera Bread Co. closed on Tuesday at $165.33.